Hemas Holdings reports results under new accounting standardsView(s):
Hemas Holdings has announced consolidated revenues of Rs 6.3 billion and earnings of Rs 334 million for the quarter ended 30th June 2012, reporting its results in compliance with the new Sri Lanka Financial Reporting Standards (SLFRS). “Whilst we have enjoyed a successful and an encouraging first quarter, medium-term business outlook remains challenging. However, we are optimistic of building on our current performance to maintain a healthy growth in business over the rest of the year,” noted Group CEO Husein Esufally.
It said in a statement that revenue growth was driven by Power, Healthcare and FMCG sectors recording growth levels of 52.3 per cent, 22.1 per cent and 13.8 per cent, respectively. The FMCG sector enjoyed a good first quarter posting a growth of 13.8 per cent to revenues of Rs. 1.8 billion. Sector revenues were driven by the growth in hair care, skin care, personal wash and home care categories.
“During the quarter our personal care portfolio strengthened its market position, with our toothpaste, sanitary napkin and hair oil products increasing its market share,” the CEO said. The healthcare sector achieved a revenue growth of 22.1 per cent to Rs. 2.2 billion, driven by a successful quarter enjoyed by both pharmaceutical distribution and the hospitals’ businesses, giving rise to a growth in earnings to Rs. 142 million.
Mr Esufally said construction of the group’s third hospital at Thalawathugoda commenced during the quarter and is expected to be operational by mid next year. The leisure sector posted a revenue growth of 38.6 per cent to Rs. 289 million, largely driven by the hotel sector. The sector profitability was impacted by a weakening rupee resulting in exchange losses on foreign currency borrowings, although the majority of which were unrealised translation losses.
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